Describe the four phases in the development of strategic partnering relationships that are characterized by increasing levels of involvement.
What will be an ideal response?
(1) The first phase is the awareness phase where no transactions take place. The buyer may observe new merchandise at a trade show or a trade magazine and seek information about the vendor's reputation or image. (2) During the exploration stage, the buyer and vendor begin to explore the potential benefits and costs. The buyer may make a purchase to test demand for the product in stores and begin to learn about the working relationship. (3) In the expansion phase, the buyer has collected enough information about the vendor to consider developing a long-term relationship. Together, they work on joint promotional programs and sales increases. (4) When both parties continue to find the relationship mutually beneficial, the relationship moves into the commitment stage where they continue to make significant investments in the relationship.
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Assume that you are the new audit senior on the LV Drug Corporation (LVD) engagement. LVD is a pharmaceutical company that has three successful drugs and a number of drugs in progress in its research and development pipeline. You are considering your audit plan and it is important to identify the inherent risks that LVD has and how they relate to the planning process.Required:For each of the following factors, indicate whether it will tend to increase, decrease, or have no effect on inherent risk, and the reasoning for your answer.a. Dr. Jones is the major shareholder of LVD and its CEO.b. Your firm has audited LVD for the last four years.c. There has been high turnover of key accounting personnel during the last two years.d. The internal audit function reports to the audit committee.e.
LVD has been the subject of lawsuits by users of Framadon who claim that the drug affects their liver functions. LVD is confident that there are no such side effects from the use of Framadon. What will be an ideal response?
________ covers all the activities involved in the sale of products to final consumers.
A. Manufacturing B. Marketing C. Retailing D. Wholesaling E. Distributing
A lockbox plan is most beneficial to firms that
A. have widely dispersed manufacturing facilities. B. have a large marketable securities portfolio and cash to protect. C. receive payments in the form of currency, such as fast food restaurants, rather than in the form of checks. D. have customers who operate in many different parts of the country. E. have suppliers who operate in many different parts of the country.
___________ is an omnidirectional wireless technology that provides limited-range voice and data transmission over the unlicensed 2.4 - GHz frequency band, allowing connections with a wide variety of fixed and portable devices that normally would have to be cabled together.
Fill in the blank(s) with the appropriate word(s).